[Flying cloud network ()] reported on June 10 (compile: white)
David Yeom is well-known for the location of a dollar store. He grew up in the Los Angeles East in the 1990s, often spending the weekend shopping for various discount stores with his mother. He still remembers clearly that he pocketed a $1 pocket money per week and then carefully studied between colorful shelves to find discounted goods.
"Although the amount is not large," says Yeom, 41, who is now 41. "But you can buy a lot at one dollar discount shop."
Many years later, Yeom still observes price-reducing items often--but now he is doing this as Hollar's founder and CEO. Hollar is the first online one dollar discount store. The physical stores at these discount stores are still very marketable today, with about 80 million loyal consumers—but none of the major chain stores have online retail stores. Hollar, located in Southern California, fills the void and recasts these physical stores into a digital discount paradise where most of the inventory is priced at just $2 and there are almost no more than $10 worth of merchandise.
There are tens of thousands of items on Hollar, from necessities to impulse shopping, and thanks to the simple U/X, browsing the product page is very convenient. Most of Hollar's brands are well-known (Huggies, Jergens, Febreze, Pop-Tarts), but there are also niche brands such as Zing, Num Noms, and Bolis Ice Pops. Through the website or application, you can buy a $3 phone case, a $1 dishwashing liquid, and a $1.5 baby apron.
These have added good business to Yeom and his co-founders. Hollar achieved double-digit monthly sales growth last year and achieved its first million monthly sales in April 2016, with an average purchase price of $30. All this happened after the company was only established five months later.
We have built a sustainable and profitable model,†said company co-founder and chief operating officer John Um.
Hollar's main consumers are women, usually young mothers between the ages of 25-34. Unlike the target groups of other retail start-up companies, these women are not the wealthy people in the Bay Area. They live in suburban or remote areas and have incomes below the medium level. “Our services to this segment of the population are clearly inadequate,†Yeom said. “All along, in the area of ​​e-commerce, there have been few innovations aimed at this group of people, but in the future you will see more businesses starting to cater to the needs of this group of people. ."
“And we are very proud that 80% of the goods sent out of the warehouse are sent out of California and New York,†Yeom added. “We are concentrated in the central United States and we will continue to focus on this area.â€
Memories
In 2015, Yeom was the vice president of the Honest Company and was also thinking about starting a business. When he recalls his childhood, he always remembers the time spent hanging around in a dollar discount store. These stores are still there, but why are there no similar online stores?
Afterwards, Yeom contacted his friend John Um, who was a strategic director at 99 Cents Only Stores. Yeom asked Um: "Why did I only find a store on 99only.com every time, but can't I buy a postcard on your website?"
Um explained that this is a legacy problem: His company has nearly 400 physical stores, but never out of the company's initial retail model. Their supply chain has never changed, so the business model has been for decades.
However, Um also agrees that this is an opportunity: There are 245,000 US dollar discount stores in 2011 and more than 300,000 by 2016. He and Yeom believe that these people should also be shopping online.
Then, the two hired former ShoeDazzle executives Eddie Rhyu and Thanh Khuu, as well as LegalZoom, ShoeDazzle, and Brian Lee, co-founder of the Honest Company. In the initial conceptual stage, the co-founders had intended to name the project "hollar dollar." They mainly purchase inventory from Chinese manufacturers (and some US companies). In November 2015, they simplified the project name to Hollar and established a headquarters in Colmouth, California, near Los Angeles.
Site selection is strategic. Close to Long Beach Port and Los Angeles Harbor, Hollar can access a large number of sales. Hollar can buy at a low price whenever an oversized retailer has excess stock items or cancels orders.
The team also knew that for Hollar to succeed, the site needed to increase page views—just like the physical store.
“The biggest attraction of a typical discount store is the bargain,†Um said. “You can find unexpected good things, and you can find daily necessities.â€
90% of consumers who come to Hollar do not have a clear target for spending. However, dozens of top-selling and popular products on the homepage attract consumers to scroll through pages to find “like†products. The pattern looks a bit like Pinterest.
"We intend to design it as a Pinterest model," explained Eddie Rhyu, chief creative officer at Hollar. "We like the simplicity of this model."
This model is clearly very attractive to young millennial mothers, who occupy 85% of Hollar's consumer groups. The most commonly viewed categories are toys and household items. The company’s best-selling product is a large, two-dollar pillow with various styles: luminous unicorns, pink dogs, purple seals, and more. The unusually popular sales of these large pillows have forced Hollar to take one measure each.
Hollar's ability to attract younger generations of parents did not surprise the team. Yeom said that the Great Depression in 2008 changed the concept of consumer spending: in the early 20s, new mothers in their 30s gradually turned to discount stores to purchase daily necessities. When the economy recovers, they still retain this original habit. "They like discounts, paying attention to cost-effectiveness, and whether it's convenient to care," Yeom said. "And a dollar discount store is exactly what they need."
Marketing to Millennium MothersTiffany Faust, 22, is a full-time mom from Tennessee Henderson. She found Hollar in a Google search when she found a baby monitor ($19.95) for her daughter. She said that the quality of the products on Hollar made her very surprised, and then spent a lot of time browsing other products on the company's website.
"This application is poisonous! I've added a lot of things to my shopping cart every day!" she said.
The only fly in the ointment is that it takes 7-10 days to receive the goods after placing an order. "It takes a very long time to distribute," she said. "But I live in the Central Region, so nothing wrong."
Jamie Wolcott, 40, is also a full-time mother. She saw Hollar in her Facebook ads. Then, to date, she has bought more than 20 items on Hollar. Wolcott enjoys shopping on Hollar's websites and apps.
In addition to Facebook, Hollar has also acquired new users by working with Net Red Moms Kathryn Snearly and others. The company sponsored a "Hollar Haul" video of Snearly last year. The video hits so far has exceeded 930,000 times. The company’s first TV commercial released this year has also reached 43,481 visits.
There is no doubt that the popularity of mobile across the country has helped Hollar's success. Although one-fifth of American households do not have a home computer, they almost have a smart phone and they rely on this non-mobile phone. "To be honest, this business could not be established at all five years ago," Yeom said. He pointed out that the company's large number of transactions come from mobile phones.
Company developmentHollar has successfully purchased merchandise directly from a number of companies, but last fall, when the management discovered that home products were always sold out from time to time, they immediately decided to set up internal product lines. Hollar has sold tens of thousands of homemade acrylic trays ($4) and home storage boxes ($4), which is $1 cheaper than smaller storage boxes sold in other retail stores.
“Our inventory pressure is modest. We only need to pay for storage infrastructure fees, internal logistics and technical facilities, and a small amount of management fees,†Yeom said. “So we can provide profitable products and very competitive prices — — and this is also the trend of retail stores: Directly to consumers.†Although Hollar did not disclose its financial details, it said that its own brand profits are much higher than those of other suppliers' products.
Yeom also said that inventory will double this year and the internal production line will expand to more product categories. In short, he hopes to sell more goods at more favorable prices.
Recalling my own childhood, Yeom said: “We're careful about every dollar. In the end, when my mother walked out of the store, she seemed to be a victorious general because she found her own baby. We just wanted to create this kind of surprise for our consumers. Experience."
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